A strong economy is great for the housing and stock markets, but can negatively impact mortgage interest rates. We’ve seen a steady rise in rates over the last few years, but the last six months have been the most drastic. For many, this has resulted in a closed window for refinancing. If lowering their interest rate was their only objection, and they had a rate in the 3% to low 4% range, the cost would most likely outweigh the benefit.

However, many are finding their opportunity to refinance is still alive and well. It’s a common analysis and we’ll share with you how we begin the process. It’s as simple as asking our clients these four questions:

(1) Do you pay Monthly Mortgage Insurance?

(2) Do you need to take cash out of your home for projects, divorce, or debt consolidation?

(3) Do you currently have a risky or an Adjustable Rate Mortgage?

(4) Do you have an interest rate above 5%?

If any of these questions lead you to a “YES” answer, then it may not be too late for you to refinance. Every situation is different and there are many factors that can determine if it’s the right move for you. But we can help present to you the cost, benefits, and loan options. If you’ve been wondering if it’s too late to refinance, the answer is: Maybe Not.